HOMES at risk of flooding in Herefordshire and Worcestershire could see their market value drop by as much as 40 per cent according to new research.

A study by the Royal Institution of Chartered Surveyors found that this is the amount some valuers would lower house prices because of the risk.

Their responses indicate a wide range of opinions even amongst those working in the same property market.

On average, however, most valuers said they would mark down a property subject to flooding by about 12-15 per cent, but some suggested a figure of up to 40 per cent.

"Valuations will depend on market perceptions of how long it will take to sell vulnerable properties.

Also, how much they are likely to be in demand, and how easy it is for people to insure them and secure a mortgage," said flooding specialist surveyor and RICS spokesman David Brooks.

"Obviously, individuality and desirability are key factors. If someone puts a particularly picturesque cottage on the market it may be that the buyer will overlook the fact that it is on the river bank, or may even pay a premium for that location if that is what they specifically want."